* Court approved scheme likely to be effective Thursday
* WMH shareholder HBK had sought clarity on Caesars JV
* Trans-Atlantic gambling takeover deals on the rise
(Adds shares, analyst comment, background)
By Pushkala Aripaka and Yadarisa Shabong
April 20 (Reuters) - Bookmaker William Hill moved closer to
being taken over by Caesars Entertainment on Tuesday, saying it
had gained approval in a British court for the 2.9 billion pound
($4 billion) deal, which was opposed by minority shareholder
HBK.
William Hill shares fell more than 2% to 271.9 pence
at 1208 GMT after the bookmaker said in a statement that the
so-called scheme of arrangement for the deal was likely to
become effective on Thursday after it was permitted by the
court.
This approval followed a hearing last month, William Hill,
which operates around 1,400 betting shops in Britain, added.
HBK had opposed the scheme of arrangement for the deal,
which was agreed in September with Las Vegas-based casino
operator Caesars, saying the terms of an existing joint
venture between the two firms were not adequately disclosed.
It argued that shareholders had voted on the scheme without
the information they needed to judge the merits of the takeover.
William Hill had rejected HBK's allegation, saying it was
confident that the document gave all the necessary information.
"The hope was that if the courts sided with these hedge
funds, Caesars may be forced to improve its offers," Third
Bridge analyst Harry Barnick said.
Private equity group Apollo had also approached
William Hill about a takeover, but later backed out. Caesars had
threatened to terminate its joint venture if the deal failed,
making it unlikely that any other bidders would emerge.
American gambling firms have been tapping into the expertise
of British rivals in recent months as sports betting has taken
off in the United States during the coronavirus crisis.
Last month, Gamesys agreed to a possible takeover by
Bally's Corp in a deal valued at 2.02 billion pounds.
($1 = 0.7293 pounds)
(Reporting by Pushkala Aripaka and Yadarisa Shabong in
Bengaluru; Editing by Vinay Dwivedi and Alexander Smith)
